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News

Betting on ATMs, PAI sells

acquiring arm to Clearent

ayment Alliance International shed its
merchant card portfolio in an effort to focus
more on its ATM business. Clearent LLC
P purchased the business from PAI in the first
of what could be a string of portfolio acquisitions.

The deal with PAI adds $4.2 billion in processing
volume and 17,000 merchants to Clearent's acquiring
card business, as well as operations centers in West
Palm Beach, Fla., and Louisville, Ky. Included are
telesales staff, feet on the street and strategic association
partnerships. Clearent now boasts 300 employees,
45,000 merchants and $14 billion in annual processing
volume.

"This first acquisition is an important milestone in
Clearent's growth," said Dan Geraty, the company's
Chief Executive Officer. "I am excited to officially
welcome our new likeminded team members from PAI
in West Palm Beach, Louisville and remote offices to the
Clearent family."
Jeff Zimmerman, Clearent Senior Vice President for
Product Management and Marketing, noted in an
interview that the deal boosts the company's processing
volume by about 40 percent and adds substantial new
staff resources. "The acquisition adds scale and a lot
of great people that can help us deliver better support
to our partners and customers," Zimmerman said. He
added that Clearent will continue to grow organically
but would look favorably on additional acquisitions
that could increase the company's scale of operations.

"Clearent will be an outstanding home for those
customers and employees associated with the bankcard
business," stated John J. Leehy III, President and CEO
of PAI. "They bring the same energy and commitment
to supporting the retail, shooting sports and healthcare
industries that our merchants have counted on from
PAI over the years."
Banking on ATMs

Headquartered in Louisville, PAI has been a major play-
er in the card-acquiring space, serving ISOs, agents, fi-
nancial institutions and associations. But the company
also has built a large book of business installing, man-
aging and branding ATMs for financial institution and
merchant clients.

Company statements describe PAI as "the nation's larg-
est, privately held provider of ATMs." Shedding its mer-
chant card portfolio is expected to position PAI to fur-
ther grow its ATM business. "The growth and success

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